What’s in Today’s Report:
- What Yesterday’s Selloff Means for Markets
- TGT Earnings – Not as Negative as it Seemed but Bad Things Happen Fast
- EIA Analysis and Oil Update
Futures are sharply lower following more disappointing earnings and on momentum from Wednesday’s collapse.
Cisco (CSCO) missed earnings after the close and the stock is down 12% after hours. The company blamed Chinese lockdowns for the earnings miss and made positive comments about overall demand, but in this market, that nuance doesn’t matter, and the results weighed on futures.
Today’s focus will turn back towards economic data and specifically the Philadelphia Fed Manufacturing Index (E: 16.1). If it plunges like Empire did on Monday, that will increase anxiety about stagflation and further weigh on stocks. Other notable data includes Jobless Claims (E: 197K) and Existing Home Sales (E: 5.650M) and we get two Fed speakers, Michael Barr (10:00 a.m. ET) and Kashkari (4:00 p.m. ET) but they shouldn’t move markets.